To apply for PPP loan forgiveness, use the SBA’s Loan Forgiveness Application form, Form 3508, or your lender’s equivalent form. You might be able to use Form 3508EZ or Form 3508S if you meet the eligibility guidelines. After completing the form and attaching any necessary documents, submit it to your lender.

What information is needed for PPP loan forgiveness?

Name of your business: business legal name, DBA, trade name (if applicable) Business Tax Identification Number (TIN): Social Security number (SSN) or Employer Identification Number (EIN) SBA loan number. Your PPP loan amount.

Who can I call about PPP loan forgiveness?

877-552-2692
Paycheck Protection Program (PPP) Borrowers who need assistance with direct forgiveness can contact SBA at our dedicated forgiveness call center: 877-552-2692. The call center is open Monday through Friday, 8:00 a.m. to 8:00 p.m. ET.

How long does it take to process PPP loan forgiveness?

PPP Loan Forgiveness Deadlines and Amount Considerations That’s because borrowers submit their forgiveness application to their lender, which has 60 days to approve or reject the application, which then sends it to the SBA for approval, a process which can take up to 90 days.

What is the maximum PPP loan forgiveness?

$20,833
Owner-Employee or Self-Employed Individuals: Forgiveness is capped at 2.5 months’ worth (2.5/12) of an owner-employee or self-employed individual’s 2019 or 2020[2] compensation (up to a maximum $20,833 per individual in total across all businesses.)

When does a PPP loan qualify for loan forgiveness?

First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement: Employee and compensation levels are maintained; The loan proceeds are spent on payroll costs and other eligible expenses; and; At least 60% of the proceeds are spent on payroll costs

How to get loan forgiveness for your business?

Start your business in 10 steps. Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement: The loan proceeds are spent on payroll costs and other eligible expenses; and

Which is application do I fill out for loan forgiveness?

The best answer I can give you on this is our PPP Loan Forgiveness Application decision tree. It asks several yes or no questions to get you an answer to the “Which application do I fill out?” question. 2. Regarding the Covered Period for forgiveness, why choose the shorter 8-week period instead of the longer 24-week period?

How long does it take for the PPP forgiveness application to get reviewed?

How long does it take for the PPP forgiveness application to get reviewed? What I heard from the banks we have been talking to is that the banks have approximately 60 days to filter those applications. Then the SBA has another 90 days to determine whether they are going to accept it.